Main reasons to commence your Blaby lease extension

Main reasons to start your Blaby lease extension today:

Increase your lease and increase your Blaby property value

Blaby leases on residential deteriorating in value. Where your lease has in the region of ninety years left, you should start considering the need for a lease extension. Eighty years is a significant number: when the remaining term of a lease falls below this level then you start incurring an additional element called marriage value. Leasehold owners in Blaby will usually be legally entitled to a lease extension; however a solicitor will confirm your eligibility. In certain cases you may not qualify. There are prescribed deadlines and formalities to follow once the process has commenced so it’s wise to be guided by a conveyancing solicitor during the process.

Blaby property with a lease extension is almost the same value as a freehold

Leasehold properties in Blaby with more than one hundred years left on the lease are sometimes referred to as ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little upside in purchasing the reversionary interest unless savings on ground rent and service charges justify it.

Banks and Building Societies may decide not to loan monies with a short lease

Banks and building societies do not like short residential leases. You most probably experience problems if you want to sell your flat in Blaby if the remaining lease term is less than the criteria set by the majority of lenders. Different mortgage companies have different requirements but on the whole theyrequire a minimum remaining lease term of 65 years.

What makes us experts in Blaby lease extensions?

The conveyancers that we work with undertake Blaby lease extensions and help protect your position. A lease extension can be arranged to be completed to coincide with a change of ownership so the costs of the lease extension are paid for using part of the sale proceeds. You really do need expert legal advice in this difficult and technical area of law. The lawyer we work with provide it.

Blaby Lease Extension Example Cases:

Thomas, Blaby, Leicestershire,

Thomas was the the leasehold proprietor of a 2 bedroom apartment in Blaby being sold with a lease of a few days over sixty years left. Thomas on an informal basis spoke with his landlord being a well known Bristol-based freehold company and enquired on a premium to extend the lease. The freeholder indicated a willingness to grant an extension taking the lease to 125 years on the basis of a new rent initially set at £200 per annum and increase every 25 years thereafter. No ground rent would be payable on a lease extension were Thomas to invoke his statutory right. Thomas obtained expert legal guidance and secured satisfactory deal without going to tribunal and ending up with a market value flat.

Blaby case:

In 2010 we were contacted by Mr and Mrs. B Baker who, having bought a first floor apartment in Blaby in February 2009. The dilemma was if we could shed any light on how much (roughly) premium would be to extend the lease by ninety years. Identical residencies in Blaby with 100 year plus lease were valued about £183,600. The mid-range ground rent payable was £65 billed yearly. The lease terminated on 16 January 2083. Considering the 57 years left we calculated the premium to the landlord to extend the lease to be within £28,500 and £33,000 not including expenses.

Blaby case:

Mr and Mrs. H Green bought a ground floor flat in Blaby in May 2002. We are asked if we could approximate the price could be to prolong the lease by ninety years. Comparative homes in Blaby with an extended lease were in the region of £245,000. The mid-range ground rent payable was £50 collected per annum. The lease finished in 2094. Considering the 68 years as a residual term we approximated the premium to the landlord to extend the lease to be between £9,500 and £11,000 not including expenses.